Thousands of customers could be affected by the change (Image: PA)
In a significant move that will impact millions, Nationwide has announced a reduction in on approximately 90 of its savings accounts starting from February 1. The decision to slash rates follows the Bank of England’s cut of the Base Rate by 0.25 per cent in November, prompting Nationwide to adjust accordingly.
Savers will experience cuts between 0.10 per cent and 0.25 per cent across various accounts, yet Nationwide insists their offerings will still remain competitive within the market.
“We have worked hard to limit the impact of the recent rate cut on our savers and have taken the decision to hold rates on some of our most popular accounts, such as our leading Flex Regular Saver,” explained Nationwide’s Director of Retail Products, Tom Riley. He continued: “Following these changes, our savings range will remain competitive.”
Tom Riley also highlighted Nationwide’s commitment to its members, “We returned a record £950 million in member financial benefit in the first half of this year and we’ll continue to give savers every reason to put their money with Nationwide.”
While the upcoming adjustments will affect many, not all Nationwide savings accounts will be hit by the reductions. Fixed-term accounts, for instance, are shielded until after their term concludes, securing their rates from immediate cuts.
Conversely, a significant number of easy access accounts are being impacted. These accounts permit customers to withdraw money at their discretion without incurring any withdrawal fees.
See a full list of the accoutns being affected below…
Limited Access
- Limited Access Saver/ Limited Access Online Saver – 0.20%
- Triple Access Saver/ Triple Access ISSA – 0.20%
- e-Savings Plus – 0.20%
- 1 Year Triple Access online ISA (all issues0 – 0.10%
- 1 Year Triple Access Online Saver (all issues) – 0.10%
- Loyalty Single Access ISA – 0.10%
Instant Access
- Loyalty Saver / Loyalty ISA – 0.10%
- Flexclusive ISA/ Flexclusive Saver * – 0.15% – 0.25%
- Instant access savings accounts (eg Instant Access Saver, Instant iSA Saver, CashBuilder)* – 0.15% – 0.25%
- Flex Instant Saver – 0.25%
- Instant Access Saver 10 – 0.15%
Children’s
- Smart limited access – 0.25%
- Future Saver (with main current account) – 0.25%
- Child Trust fund/ Smart Junior ISA – 0.25%
- Smart Saver – 0.25%
- Smart – 0.25%
Regular Savings
- Continue to Save – 0.20%
- Help to BUY ISA – 0.25%